Thank you for visiting Consider the market for van Gogh paintings and assume no forgeries are possible Is the supply of van Gogh paintings A Somewhat elastic B Somewhat. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
The supply of van Gogh paintings is perfectly inelastic because the quantity available cannot be increased or decreased regardless of the price. This is an example of a situation where supply is completely unaffected by price changes.
Explanation:
The supply of van Gogh paintings is perfectly inelastic. This is because the supply, which is the total number of van Gogh paintings, cannot be changed or increased, regardless of the price. Van Gogh is no longer alive to produce more paintings, hence, the remaining original paintings are finite and scarce. Hence, the quantity supplied is completely inelastic to price. This is an example of a perfectly inelastic supply.
In economics, when we say supply is perfectly inelastic, it means quantity supplied does not respond to price changes. If supply were somewhat elastic, modifications in price would affect the quantity supplied, but this is not possible with van Gogh's paintings. Moreover, the concept of elasticity or inelasticity can be used to predict changes in supply and demand, consumer behavior, and market dynamics.
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